Odyssey Resources Limited (TSX-V: ODX) announced that it has closed on its previously announced (May 13, 2008) Definitive Agreement relating to the sale of certain exploration licenses in Turkey owned by Odyssey's subsidiary, Pusula Madencilik, collectively known as the Tavsan Project, to a subsidiary of Ariana Resources plc.
As consideration for the transfer of the Licenses, Ariana has paid Odyssey: (a) an initial payment of US$250,000 in cash and (b) a further payment of US$250,000 in cash, and 3,000,000 ordinary shares in the capital of Ariana at an issue price of 5 British pence per Share.
The cash and Shares relating to payments (b) and (c) will be held in escrow until the transfers of the Licenses are accepted by the Turkish General Directorate of Mining Affairs and the Ariana subsidiary is recorded as the registered owner of a 100 percent interest in the Licenses.
The Shares will be subject to a 12 month hold period which will run from the date on which TSX Venture Exchange approval was received for the transaction. -- www.cnxmarketlink.com
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
